I can afford WHAT????
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  1. #1
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    Default I can afford WHAT????

    I just followed this little calculator.. https://www.smartasset.com/first-tim...FbFFMgodyCcATw

    All I have to say about their answer is:



    Now friggin way.

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    when you do the calculator, make the assumption you have money to put down.

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    now Russ you didnt say how it came out-no fair.
    I said I wanted to move up to Lapeer.
    The first time I didnt realize it wouldnt ask for my home value. so I could afford $82,500 home based on cash on hand.lol
    Then when I threw Zillow home value estimation into cash I can get a $702,000 home.
    We are 52 and 53! SO I guess we have a mortgage
    of over $500.000 to pay until we are 83???

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    Registered User Contrary Housewife's Avatar
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    It wants to give me a $127,000 loan no matter what numbers I plug in.
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    Registered User NikoSan999's Avatar
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    Mine says we can buy $162,000 worth of house. Wonder if the bankruptcy Trustee would back that up?

    Also say $162,000 would typically buy a 3 bedroom house in this area. I would think so. For that much money I could 2 houses....nice ones.
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    Registered User CookieLee's Avatar
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    I agree with you, the calculator is stupid. If I entered a down payment of $5000 (their minimum allowed), they said we could afford a 1 bedroom condo. Since our house is paid off, if we sold it and took the money with us to use as a down payment, the calculator said we could suddenly afford a house twice our down payment. Our monthly mortgage payment went from $500 to over $2000 - on the same income?!?!?!? That just doesn't make sense.

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    I can afford $806,000. Cool beans. Gonna tell Dh so we can go house hunting this weekend. There is something seriously wrong with that site.

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    Registered User CPA-Kim's Avatar
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    There is NO WAY I would buy a house as expensive as what it told me.
    Unfortunately, some will.
    Kim
    The Lord will provide

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    Registered User larabelle's Avatar
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    Quote Originally Posted by CPA-Kim View Post
    There is NO WAY I would buy a house as expensive as what it told me.
    Unfortunately, some will.
    Same with me...they told me $342,000...Craziness!!!
    Blessed and Highly Favored!!!!
    From $78K in debt to debt free and purchased a house and used car with 100% cash...God is sooo Good!!!

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    Super Moderator Spirit Deer's Avatar
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    Mine came out about right, assuming by "no debt" they didn't want me to count our current mortgage.

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    Super Moderator josantoro's Avatar
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    mine said I could afford a $62000 house, which around here is like -- none.

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    Registered User Brat's Avatar
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    s really is crazy..It is no wonder so many familys are so far behind..Getting these loans and no way can they pay them back and live..

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    Moderator nuisance26's Avatar
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    ~I wonder if the calculator takes into account local rent rates in figuring their number. The number it returned for me would have a payment w/taxes and insurance almost exactly what the going rate is for renting a house($1200). If I could "afford" the rent, I guess I can "afford" the loan?
    Anyway, the house we're living in(bought in '12)was 70% of what they said we could afford. That's about what we spent on our first place in 2000($74K/95K). We could definitely afford the more expensive house, but not with any other debt, not with a major life downturn, and never lapsing in practicing tight frugality. A more expensive/bigger/better house isn't worth being that close to the edge. I don't think our current house is "worth" it either really. But you make certain concessions when you are married with kids and living in the kind of housing "market" we live in. I didn't want to rent and at least our house payments are less than rent and locked in without increases for as long as we stay here.~

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    Registered User nodmicks's Avatar
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    Quote Originally Posted by Spirit Deer View Post
    Mine came out about right, assuming by "no debt" they didn't want me to count our current mortgage.
    Mine also came out close . I made the same assumption

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    it's really screwed up when you have money to put down or money in savings.

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